scholarly journals Global Oil Price and Innovation for Sustainability: The Impact of R&D Spending, Oil Price and Oil Price Volatility on GHG Emissions

Energies ◽  
2021 ◽  
Vol 14 (6) ◽  
pp. 1757
Author(s):  
Elyas Abdulahi Mohamued ◽  
Masood Ahmed ◽  
Paula Pypłacz ◽  
Katarzyna Liczmańska-Kopcewicz ◽  
Muhammad Asif Khan
Keyword(s):  
Economic Growth ◽  
Generalized Method Of Moments ◽  
Ghg Emissions ◽  
Empirical Finding ◽  
Price Volatility ◽  
The United States ◽  
Oil Price ◽  
Ghg Emission ◽  
Oil Price Volatility ◽  
The Impact

Recently, sustainable economic growth has taken the front line of the global development agenda. The common dependency on fossil fuel energy, greenhouse gas (GHG) emissions and the continuous rising demands for energy have posed challenges that put the world in a climate change trap. This work empirically analyzes the effect of innovation, oil price, oil price volatility and economic growth on GHG emissions over the period of 1991–2015. The study compares the emission level between European Union countries (EU) (26), oil-producing countries (22), China and the United States of America (USA) using the Driscoll–Kraay model. The main empirical finding points to a positive effect of innovation on GHG emission reduction initiatives in oil-importing economies. Particularly, EU countries significantly minimized emissions due to innovation, followed by China and the USA. Contrarily, the effect of innovation increases GHG emission in oil-exporting economies. The results also indicate broader significant effects of oil price and oil price volatility on GHG emission. Interestingly, the effect of oil price on GHG emission is asymmetrical between oil-exporting and -importing economies. Oil price increases in oil-importing countries decrease GHG emission; contrarily, its effect increases emissions in oil-exporting countries. Thus, oil-exporting countries lack motivation to decrease emission levels due to oil price escalation. Unlike the oil price, oil price volatility comparably decreases GHG emissions in oil-exporting and -importing economies. Thus, one might be tempted to take oil price volatility and the future uncertainty of oil price as a virtuous instance rather than oil price increment. Thus, policymakers need to pay attention to market forces and policy measures to monitor GHG emissions due to economic activities. The results are also robust under the alternative econometrics estimation model of generalized method of moments (GMM)-Differenced.

The Impact of Crude Oil Price Volatility on Agricultural Employment in the United States

1996 ◽  
Vol 7 (1) ◽  
pp. 57-74 ◽  
Author(s):  
Noel D. Uri
Keyword(s):  
United States ◽  
Crude Oil ◽  
Price Volatility ◽  
The United States ◽  
Oil Price ◽  
Crude Oil Price ◽  
Oil Price Volatility ◽  
Agricultural Employment ◽  
Cointegration Tests ◽  
The Impact

This study addresses the question of whether fluctuations in the price of crude oil have affected agricultural employment in the United States. After reviewing previous assessments of the issue, the existence of an empirical relationship between agricultural employment and crude oil price volatility is established using cointegration tests. Subsequently, the nature of the relationship is estimated with the results suggesting that at least three full years are required before the measurable impacts of a percentage change in the real price of crude oil on the change in agricultural employment are exhausted. Finally, the structural stability of the functional relationship between the change in agricultural employment and the volatility of the price of crude oil, the percentage changes in expected net farm income, realized technological innovation, and the wage rate is examined.

scholarly journals EFECTOS DE LA INCERTIDUMBRE DE LOS PRECIOS DEL PETRÓLEO EN EL CRECIMIENTO ECONÓMICO DE MÉXICO

2019 ◽  
Vol 78 (309) ◽  
pp. 80 ◽  
Author(s):  
Domingo Rodríguez Benavides ◽  
Francisco López Herrera
Keyword(s):  
Economic Growth ◽  
Economic Activity ◽  
Price Volatility ◽  
Oil Prices ◽  
Negative Influence ◽  
Output Growth ◽  
Oil Price ◽  
Market Uncertainty ◽  
Oil Price Volatility ◽  
The Impact

<p>En este trabajo investigamos si la incertidumbre del precio internacional del petróleo incidió en la actividad económica de México durante 1983:2-2017:4. Empleamos un modelo de vectores autorregresivos (VAR) estructural bivariado con un proceso generalizado autorregresivo de heterocedasticidad condicional (GARCH) en media que captura el impacto de la volatilidad del petróleo en el crecimiento económico y la formación bruta de capital fijo. Nuestros resultados muestran que la incertidumbre del mercado petrolero tiene una influencia negativa en la actividad económica. Además, revelan la presencia de efectos asimétricos: la tasa de crecimiento de la producción aumenta (disminuye) después de un choque negativo (positivo) en el precio del petróleo. Estos resultados destacan la importancia de políticas públicas que mitiguen el efecto de la incertidumbre del mercado petrolero y contribuyan a la estabilidad económica.</p><p align="center"> </p><p align="center">EFFECTS OF OIL PRICES UNCERTAINTY ON MEXICO’S ECONOMIC GROWTH</p><p align="center"><strong>ABSTRACT</strong></p><p>We inquire whether the uncertainty of international oil prices affected Mexico’s economic activity during 1983:2-2017:4. To measure such impact we use a bivariate structural vector autoregressive (VAR) model with a generalized autoregressive conditional heteroskedasticity (GARCH) in-mean process that captures the impact of oil price volatility on economic growth and gross fixed capital formation. Our results show that the said uncertainty has a negative influence on Mexico’s economic activity. Further, they reveal the presence of asymmetric effects, as the output growth rate increases (decreases) after a negative (positive) oil price shock. These results highlight the importance of adopting public policies aimed at mitigating the effects of oil market uncertainty and help stabilize economic activity.</p>

scholarly journals Oil price volatility and its impact on economic growth and food security in Bangladesh

2018 ◽  
Vol 16 (3) ◽  
pp. 482-491
Author(s):  
Mousumi Saha ◽  
Seikh Mohammad Sayem ◽  
A. K. M. Abdullah Al-Amin ◽  
Shankar Majumder
Keyword(s):  
Economic Growth ◽  
Food Security ◽  
Price Volatility ◽  
Exponential Model ◽  
Oil Price ◽  
Global Food Security ◽  
Oil Market ◽  
Oil Price Volatility ◽  
Integration Test ◽  
The Impact

This study empirically examines oil price volatility and the impact of oil price changes on the growth of the economy and food security in Bangladesh. The study uses yearly data of macroeconomic variables from 1991 to 2015 and global food security index (GFSI) for the period 2012 to 2015. Furthermore, data of GFSI for previous four years have been simulated using exponential model. The GARCH (2, 1) model with minimum AIC postulates that volatility was high in the previous period and it has been continued to be lower in the current period (i.e. 2015). The co-integration test and error correction model exhibit that both in short-run and long-run case the increasing oil price negatively affected the growth of the economy. The simultaneous equations regression model using three-stage least squares estimator discloses that an increase in oil price declines the economic growth and food security simultaneously and significantly. Moreover, this study suggests that oil price volatility is not a good sign for the economy of Bangladesh, since, the country is an importer of crude oil, government policy should be quick responsive in relation to international oil market to create consistent oil market and sustainable economic development in Bangladesh. J. Bangladesh Agril. Univ. 16(3): 482–491, December 2018

The impact of oil price volatility on economic growth

2017 ◽  
Vol 12 (10) ◽  
pp. 847-852 ◽  
Author(s):  
B. O. Al-sasi ◽  
O. Taylan ◽  
A. Demirbas
Keyword(s):  
Economic Growth ◽  
Price Volatility ◽  
Oil Price ◽  
Oil Price Volatility ◽  
The Impact

scholarly journals Impact of oil price volatility on state-level consumption of the United States: The role of oil dependence

2021 ◽  
Vol 39 (3) ◽  
pp. 962-974 ◽  
Author(s):  
Reneé van Eyden ◽  
Rangan Gupta ◽  
Xin Sheng ◽  
Mark E Wohar
Keyword(s):  
United States ◽  
Negative Impact ◽  
Price Volatility ◽  
State Level ◽  
The United States ◽  
The State ◽  
Oil Price ◽  
Oil Price Volatility ◽  
Short Run ◽  
The Impact

In this study, we analyse the impact of oil price uncertainty (as measured by an observable measure of oil price volatility, i.e. realised volatility) on United States state-level real consumption by accounting for oil dependency. We account for both the long- and short-run dynamics of the state-level consumption function using the panel Pooled Mean Group estimator. The analysis makes use of a novel dataset including housing and stock market wealth at the state level covering the quarterly period 1975:Q1 to 2012:Q2, supplemented with an annual dataset up to 2018. We simultaneously estimate the long-run relationship and short-run impact of oil price volatility at the state-level conditional upon their oil dependency. We find that the negative impact of volatility is most severe for the states of Wyoming, Alaska and New Mexico, while the negative impact is least for Illinois, New York and Nebraska. States with lower per capita income and consumption expenditure, notably in the Southeast and Southwest region of the country are exposed to be more vulnerable to the negative impact of adverse developments and uncertainty in the oil market, as they may have less access to a stock of wealth and other means as recourse. Heterogenous responses, therefore, necessitate additional state-level response besides the national response to oil uncertainty.

scholarly journals EXPLORING THE INFLATIONARY EFFECT OF OIL PRICE VOLATILITY IN AFRICA’S OIL EXPORTING COUNTRIES

2020 ◽  
pp. 113
Author(s):  
Sina Jimoh Ogede ◽  
Emmanuel Oladapo George ◽  
Ibrahim Ayoade Adekunle
Keyword(s):  
Price Volatility ◽  
Estimation Procedure ◽  
Oil Price ◽  
Price Inflation ◽  
Substantial Impact ◽  
Oil Price Volatility ◽  
Relationship Outcomes ◽  
Precautionary Measures ◽  
Level Of Significance ◽  
The Impact

A range of explanations had been offered for the apparent change in oil price-inflation relationship outcomes ranging from the possible use of alternate energy sources, change in the structure of output regarding fewer oil intensive sectors and the role of fiscal and monetary in the affected oil-exporting countries. These changes had drawn the attention of stakeholders, government and the society at large to the anecdotal relationship among oil price volatility, inflation, and output in Africa oil-exporting countries. This study leans empirical credence to the impact of oil price volatility on inflation and economic performance in the Africa oil-exporting countries from 1995 through 2017. We employed the Pool Mean Group estimation procedure with the inference drawn at a 5% level of significance. We found that oil price volatility had a negative and significant effect on inflation in Africa oil-exporting countries. The study concluded that oil price volatility had a substantial impact on inflation in the Africa oil-exporting countries. The study, therefore, recommended that Africa oil-exporting countries should adopt precautionary measures to monitor inflation potentials due to different responses of inflation to positive and negative oil price shocks.

The impact of oil price volatility on net-oil exporter and importer countries’ stock markets

2017 ◽  
Vol 7 (2) ◽  
pp. 231-253 ◽  
Author(s):  
Berna Aydoğan ◽  
Gökçe Tunç ◽  
Tezer Yelkenci
Keyword(s):  
Stock Markets ◽  
Price Volatility ◽  
Oil Price ◽  
Oil Price Volatility ◽  
The Impact
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